Globalization, Global Interdependence, Global Economy, Global Development
Nisha Ganesh, Tyler Iffland, Alyssa Timothy , Abby Mongelluzzo, and Luke Sholl
Technology Revolutionizes the World's Economy
How have technological and communication advances since the 1950's changed industrial processes?
In the 1950's the export of manufactured raw materials changed geographical patterns of world trade. A process to develop plastic from petroleum at low pressures and low temperatures was perfected. Throughout the second half of the 1900's, technology growth, such as quality cars, had sped up. Iron steel and coal had become heavily manufactured. The main characteristics of this period was the adoption of the gold standard system to improve trade systems and to become economic leaders. And even though Great Britain was the dominant world economic power, new technology spread rapidly throughout Western Europe and the United States. The process of developing new technology is a never ending and ongoing process, it tells us that what has been done and discovered in the past is never forgotten and used as a basis in the future.
Advances in communication and computerizing have also changed the processing of information. The ability to transmit information quickly and cheaply helped greatly in areas such as financial services, insurance, market research, and communications services. The expansion of industry and economies led to the shift of job availability from developed nations to emerging nations.
This Song is called "Welcome To The Future" by Brad Paisley. This song is talking about technology and how much it has changed and improved in the last couple decades. This relates to the part of globalization revolving around how technology has revolutionized the world's economy.
Explain the difference between developed nations and emerging nations.
Developed nations are a nation with all the facilities needed for the advanced production of manufactured goods. And emerging nations are when the process of industrialization is not yet complete. Developed countries were somewhat of a role model for the countries that were still developing. Such as when developing countries saw how the developed countries in the west benefited from transition, quickly adopted it for themselves. This made the developing countries population increase by 10 times over a very short period of time. But there were major problems as an outcome, deaths and birth rates were still even higher then before. The starvation of people was responsible for nine million deaths a year, and diseases such as malaria and aids were responsible for one to two million deaths a year. This kept developing countries death and birth rates higher then developed countries. This is because parents would want to have more children because they believed that the infant mortality rate was so high that some would die. But when they didn’t die that just lead to starvation and more deaths. The parents believed that their children would die because in developing countries the care of children was poor. There was not enough nutrition given to a baby and there was not as much knowledge on health matters. Their death rate was so high because of the diseases and poor hospital care and how unclean and dirty their homes were, while developed countries had clean housing and good health care keeping their death rate lower.
The expansion of industry and economies led to the shift of job availability from developed nations to emerging nations. This change caused a decrease in the need for factory workers and gave jobs to more workers whose skills fit manufacturing-type jobs. This increased need for better-educated workers multiplied the economies of developing nations.
Citation: "Differences Between Developed and Developing Countries." Scalloway. N.p., n.d. Web. 13 May 2010. <http://www.scalloway.org.uk/popu6.htm>.
Citation:Robert Wyman, Global Population Growth, Spring 2009. (Yale University: Open Yale Courses), http://oyc.yale.edu/ (Accessed November 4, 2009). License: Creative Commons Attribution-NonCommercial-ShareAlike 3.0
A Global Economy
What is Global economy?
Global economy is all the financial interactions-involving people. businesses, and governments- that cross international boundaries
Why is improved technology important to multinational corporations?
New technologies and forms of transportations, such as cargo ships, made it easy to trade enormous amounts of supplies and goods to other areas of the countries. Within this, many multinational corporations emerged, who began to dominate the world market. Multinational corporations needed both products to sell and ways to transport the products, which is where improved technology came into play.
What is free trade and how did Regional Trade Blocs use this technique?
Free trade is commerce between nations without economic restriction or barriers (such as tariffs). The opening of the world's markets became a key aspect of globalization, whose main goal was free trade.
As early as 1947, nations had discussed ways to open trade. The result of this was the "General Agreement on Tariffs and Trade" (GATT). After many years and many meetings, many nations signed the GAT and brought about a general lowering of protective tariffs and considerable expansions of free trade. In 1995, the "World Trade Organization" (WTO) has overseen GATT to ensure that trade among nations flows as smoothly as possible.
In 1951, the European trade organization promoted tariff free trade among member countries. It's success inspired the formation of the "European Economic Community" (EEC) six years later. Over time, western European countries joined the organizations now known as the "European Union" (EU) since 1992. Communist nations of eastern Europe also applied to become EU members.
Through unification, Europe exerted a major force in the world economy. They inspired many other regional trade agreements as well. The "North American Free Trade Agreement" (NAFTA) was created in 1994, and began to gradually eliminated tariff and trade restrictions among Canada, the U.S., and Mexico.
Additionally, organizations in Asia, Africa, Latin America, and the South Pacific have created regional trade policies.
Citation: Beck, Roger B., Black, Linda, Krieger Larry S., Naylor, Phillip C., and Shabaka, Dahlia Ibo. Modern World History: Patterns of Interaction.USA: Houghton Mifflin Company, 2005. Print.
Globalization-- For and Against
Support For Globalization: · Promotes peace through trade. · Raises the standard for living around the world. · Creates jobs in emerging countries. · Promotes investment in less developed countries. · Creates a sense of world community. · There is a worldwide market for the companies and for the people there is more access to products of different countries. · There is a steady cash flow into the developing countries. · Due to the presence of a worldwide market, there is an increase in the production sector and there is lots of option for companies now. · Gradually there is a world power that is being created instead of compartmentalized power sectors. · There is a lot of technological development.
Support Against Globalization: · Benefits developed nations disproportionately. · Takes jobs from high paid laborers in developed countries. · Creates conflict because of an inherently unfair system. · Benefits those who already have money. · Erodes local cultures. · Europeans are losing jobs that are posing a problem. · Immense pressure that others might overtake their jobs. · There is a concern of corporates ruling the world since there is so much power involved.
Citation: "Pros and Cons of Globalization." Buzzle.com. 2010. 12 May 2010. Impact of Global Development
How does the United States' dependence on foreign oil make its economy vulnerable?
Since the US has been dependent on oil from other countries, there have been a lot of changes done at home. Oil determines the cost of gas prices, which determines the demand. Since oil affects most every form of power indirectly and directly supplying 40% of the nations power it is important to our nation. 97% of all boats, cars, trains, planes, and buses are using oil for their source of power. It is estimated that by 2017, 68% of the oil needs in this country will be fulfilled by imports. If the needs are the same then, 14.5 million barrels per day will be imported. Being dependent on other countries decreases our impact and leverage as a country. Foreign policy is important with all the wars going on and the destruction that can occur. We need to keep friends but also control countries that could cause harm, and if we are not in control we are unable to do that. This dependence also harms the military. Our military cant work without oil and if we are at war with major oil suppliers then we might not have enough for everyone and the armed forces. In 2008 we spent $386 billion on oil from other countries. That’s more than we spent in China, which was $266 billion, which is where the United States buys most of its goods from.
For countries with an availability of oil, disruption of their oil supply caused economic and political problems. A restriction of oil trade contributed to economic decline in many developed nations.
What are the enviornmental impacts that have came with economic development?
One of the impacts on the environment that is caused by the economy is global warming. Global warming is caused by the build up of greenhouse gases depleting the ozone layer that protects the earth from the harmful rays of the sun. The green house gases are created from emissions from factories and vehicles. They take in oxygen and emit CO2. This warming is causing some animals to become endangered or go extinct. This impacts everyone because a lot of the animals that are becoming extinct is caused by less ice to walk on in Antarctica and the North Pole. With less ice that means higher water levels so there are less places to live in. That is not good since the worlds population is rising.
Another place that the environment is impacted is the Rain Forests. At the current rate we are cutting down trees, at the same time, we are clearing out the the rain forests at 2 football fields per second. This results in a lot of trees going down. A normal four mile area in the rain forest contains more than 750 species of trees, 150 mammal species, 100 species of reptiles, and 60 amphibian species. Due to the fact the trees are falling, the hopes of finding a cure for cancer and AIDS that may be able to be found in some sort of rain forest are being lost.
Citation: Citation: Beck, Roger B., Black, Linda, Krieger Larry S., Naylor, Phillip C., and Shabaka, Dahlia Ibo. Modern World History: Patterns of Interaction.USA: Houghton Mifflin Company, 2005. Print.
.
Sustainable Growth
What is sustainable growth and what are it's two main goals?
Sustained growth is the maximum growth rate that a country can sustain without having to increase financially. Sustainable growth is also known as “Greener Growth” because it tries to expand the economy and the country with the least amount of money being spent. This idea has two main goals. The first goal is to meet current economic needs, while ensuring the preservation of the environment. The second goal is to put sustainable growth into action, while conserving resources for future generations. When a country sustains growth it is trying to reduce its poverty level. Unfortunately not well-developed countries, or low-income countries do not have good sustainable growth, because they are still growing but at the same time their spending more money than they take in.
When a country looks at their sustainable growth, they have to look at the country as whole, not just urban or rural places. Beyond the 2 main goals of sustainable growth, the country also has to look at 4 other categories, ecological conditions so that the country can have balances in there land, economic activity that focuses less on polluting and more on creating cleaner forms of production. The third category is governance modes and political processes to make sure that everybody is on board, and institutional performance that creates mechanisms for adaption and responsiveness.
When a country is determining its sustainable growth it basically sets a net amount of money that they do not want to go over. In sustainable growth, there is a formula to figure it out, the formula is
Net Income% times Financing factor
Net capital minus (N.L. times Financing factor)]
In the equation, Net income is the amount of money that the government has taken in during that one year. The financing factor is the retained earnings from one year. Net capital is the amount of money that the government has invested. The N.L. is the amount of money that the government kept. In this you multiply the net income percent by your financing factor, then you take that number and divide it by the net capital subtracted from the N.L percent multiplied by the net income.
When this equation is used sustainable growth has been found and from there the ability of spending more or less money can be determined.
Citation: “Global Economic Growth,” “Technology and Technical Change.” Globalization: Encyclopedia of Trade, Labor and Politics. Ed. Ashish K. Vaidya. Vol. 1. Santa Barbare: ABC-CLIO, 2006. Print.Beck, Roger B., Black, Linda, Krieger Larry S., Naylor, Phillip C., and Shabaka, Dahlia Ibo. Modern World History: Patterns of Interaction.USA: Houghton Mifflin Company, 2005. Print.
Land able to be farmed in 3 different types of countries
Video This video describes Globalization and Finance and is a monologue of John Perkins. He describes modern globalization in a way that it also applies to historic globalization and its causes/consequences.
Citation: "Globalization and Finance." Dailymotion.com. Web. 13 May 2010.
Works Cited
Beck, Roger B., Black, Linda, Krieger Larry S., Naylor, Phillip C., and Shabaka, Dahlia Ibo. Modern World History: Patterns of Interaction. USA: Houghton Mifflin Company, 2005. Print.
Do More, Collins. Atlas of Global Development. Washington DC: HarperCollins Publishers, 2007. Print.
"Fall in LIBOR Bodes well for Global Economy." Business Opportunities- Expert Advice for the Digital Marketer. Wordpress, 20 October 2008. Web. 10 May 2010.
"Global Economy." Gale Encyclopedia of U.S. Economic History. Ed. Thomas Carson and Mary Bonk. Detroit: Gale Group, 1999. Student Resource Center - Gold. Gale. DUBLIN JEROME HIGH SCHOOL. Web. 5 May. 2010
“Global Economic Growth,” “Technology and Technical Change.” Globalization: Encyclopedia of Trade, Labor and Politics. Ed. Ashish K. Vaidya. Vol. 1. Santa Barbare: ABC-CLIO, 2006. Print.
"Globalization and Finance." Dailymotion.com. Web. 13 May 2010.
"Globalization cartoon 9 - search ID knin156" CSL News Cartoons.com. Web. 11 May 2010.
"Globalization in historical perspective." World Economic Outlook. May 1997: p112(5). Student Resource Center - Gold. Gale. DUBLIN JEROME HIGH SCHOOL. Web. 5 May. 2010
Madden, Chris. “Globalization cartoon 10 - search ID cman56.” CSL News Cartoons.com. Web. 11 May 2010.
Madden, Chris. "Globalization cartoon 5 - search ID cman57." CSL News Cartoons.com. Web. 11 May 2010.
Madden, Chris. "Globalization cartoon 10 - search ID cman56" CSL News Cartoons.com. Web. 11 May 2010.
Bilicki. "Globalization cartoon 6 - search ID jbin7." CSL News Cartoons.com. Web. 11 May 2010.
Malvasi, Mark G, and Meg Greene. "Global Economy (1990s)." American Decades 1990-1999. Ed. McConnell. Detroit: Gale Group, 2001. Student Resource Center - Gold. Gale. DUBLIN JEROME HIGH SCHOOL. 5 May. 2010
"Pros and Cons of Globalization." Buzzle.com. 2010. 12 May 2010.
Sakley. "Globalization cartoon 4 - search ID kscn1079". CSL News Cartoons.com. Web. 11 May 2010.
Globalization, Global Interdependence, Global Economy, Global Development
Nisha Ganesh, Tyler Iffland, Alyssa Timothy , Abby Mongelluzzo, and Luke Sholl
Technology Revolutionizes the World's Economy
In the 1950's the export of manufactured raw materials changed geographical patterns of world trade. A process to develop plastic from petroleum at low pressures and low temperatures was perfected. Throughout the second half of the 1900's, technology growth, such as quality cars, had sped up. Iron steel and coal had become heavily manufactured. The main characteristics of this period was the adoption of the gold standard system to improve trade systems and to become economic leaders. And even though Great Britain was the dominant world economic power, new technology spread rapidly throughout Western Europe and the United States. The process of developing new technology is a never ending and ongoing process, it tells us that what has been done and discovered in the past is never forgotten and used as a basis in the future.
Advances in communication and computerizing have also changed the processing of information. The ability to transmit information quickly and cheaply helped greatly in areas such as financial services, insurance, market research, and communications services. The expansion of industry and economies led to the shift of job availability from developed nations to emerging nations.
This Song is called "Welcome To The Future" by Brad Paisley. This song is talking about technology and how much it has changed and improved in the last couple decades. This relates to the part of globalization revolving around how technology has revolutionized the world's economy.
Developed nations are a nation with all the facilities needed for the advanced production of manufactured goods. And emerging nations are when the process of industrialization is not yet complete. Developed countries were somewhat of a role model for the countries that were still developing. Such as when developing countries saw how the developed countries in the west benefited from transition, quickly adopted it for themselves. This made the developing countries population increase by 10 times over a very short period of time. But there were major problems as an outcome, deaths and birth rates were still even higher then before. The starvation of people was responsible for nine million deaths a year, and diseases such as malaria and aids were responsible for one to two million deaths a year. This kept developing countries death and birth rates higher then developed countries. This is because parents would want to have more children because they believed that the infant mortality rate was so high that some would die. But when they didn’t die that just lead to starvation and more deaths. The parents believed that their children would die because in developing countries the care of children was poor. There was not enough nutrition given to a baby and there was not as much knowledge on health matters. Their death rate was so high because of the diseases and poor hospital care and how unclean and dirty their homes were, while developed countries had clean housing and good health care keeping their death rate lower.
The expansion of industry and economies led to the shift of job availability from developed nations to emerging nations. This change caused a decrease in the need for factory workers and gave jobs to more workers whose skills fit manufacturing-type jobs. This increased need for better-educated workers multiplied the economies of developing nations.
Citation: "Differences Between Developed and Developing Countries." Scalloway. N.p., n.d. Web. 13 May 2010. <http://www.scalloway.org.uk/popu6.htm>.
Citation:Robert Wyman, Global Population Growth, Spring 2009. (Yale University: Open Yale Courses), http://oyc.yale.edu/ (Accessed November 4, 2009). License: Creative Commons Attribution-NonCommercial-ShareAlike 3.0
A Global Economy
Citation: Beck, Roger B., Black, Linda, Krieger Larry S., Naylor, Phillip C., and Shabaka, Dahlia Ibo. Modern World History: Patterns of Interaction.USA: Houghton Mifflin Company, 2005. Print.
Globalization-- For and Against
Support For Globalization:
· Promotes peace through trade.
· Raises the standard for living around the world.
· Creates jobs in emerging countries.
· Promotes investment in less developed countries.
· Creates a sense of world community.
· There is a worldwide market for the companies and for the people there is more access to products of different countries.
· There is a steady cash flow into the developing countries.
· Due to the presence of a worldwide market, there is an increase in the production sector and there is lots of option for companies now.
· Gradually there is a world power that is being created instead of compartmentalized power sectors.
· There is a lot of technological development.
Support Against Globalization:
· Benefits developed nations disproportionately.
· Takes jobs from high paid laborers in developed countries.
· Creates conflict because of an inherently unfair system.
· Benefits those who already have money.
· Erodes local cultures.
· Europeans are losing jobs that are posing a problem.
· Immense pressure that others might overtake their jobs.
· There is a concern of corporates ruling the world since there is so much power involved.
Citation: "Pros and Cons of Globalization." Buzzle.com. 2010. 12 May 2010.
Impact of Global Development
Since the US has been dependent on oil from other countries, there have been a lot of changes done at home. Oil determines the cost of gas prices, which determines the demand. Since oil affects most every form of power indirectly and directly supplying 40% of the nations power it is important to our nation. 97% of all boats, cars, trains, planes, and buses are using oil for their source of power. It is estimated that by 2017, 68% of the oil needs in this country will be fulfilled by imports. If the needs are the same then, 14.5 million barrels per day will be imported. Being dependent on other countries decreases our impact and leverage as a country. Foreign policy is important with all the wars going on and the destruction that can occur. We need to keep friends but also control countries that could cause harm, and if we are not in control we are unable to do that. This dependence also harms the military. Our military cant work without oil and if we are at war with major oil suppliers then we might not have enough for everyone and the armed forces. In 2008 we spent $386 billion on oil from other countries. That’s more than we spent in China, which was $266 billion, which is where the United States buys most of its goods from.
For countries with an availability of oil, disruption of their oil supply caused economic and political problems. A restriction of oil trade contributed to economic decline in many developed nations.
Citation: Citation: Beck, Roger B., Black, Linda, Krieger Larry S., Naylor, Phillip C., and Shabaka, Dahlia Ibo. Modern World History: Patterns of Interaction.USA: Houghton Mifflin Company, 2005. Print.
Sustainable Growth
- Sustained growth is the maximum growth rate that a country can sustain without having to increase financially. Sustainable growth is also known as “Greener Growth” because it tries to expand the economy and the country with the least amount of money being spent. This idea has two main goals. The first goal is to meet current economic needs, while ensuring the preservation of the environment. The second goal is to put sustainable growth into action, while conserving resources for future generations. When a country sustains growth it is trying to reduce its poverty level. Unfortunately not well-developed countries, or low-income countries do not have good sustainable growth, because they are still growing but at the same time their spending more money than they take in.
- When a country looks at their sustainable growth, they have to look at the country as whole, not just urban or rural places. Beyond the 2 main goals of sustainable growth, the country also has to look at 4 other categories, ecological conditions so that the country can have balances in there land, economic activity that focuses less on polluting and more on creating cleaner forms of production. The third category is governance modes and political processes to make sure that everybody is on board, and institutional performance that creates mechanisms for adaption and responsiveness.
- When a country is determining its sustainable growth it basically sets a net amount of money that they do not want to go over. In sustainable growth, there is a formula to figure it out, the formula is
- Net Income% times Financing factor
- Net capital minus (N.L. times Financing factor)]
- In the equation, Net income is the amount of money that the government has taken in during that one year. The financing factor is the retained earnings from one year. Net capital is the amount of money that the government has invested. The N.L. is the amount of money that the government kept. In this you multiply the net income percent by your financing factor, then you take that number and divide it by the net capital subtracted from the N.L percent multiplied by the net income.
- When this equation is used sustainable growth has been found and from there the ability of spending more or less money can be determined.
Citation: “Global Economic Growth,” “Technology and Technical Change.” Globalization: Encyclopedia of Trade, Labor and Politics. Ed. Ashish K. Vaidya. Vol. 1. Santa Barbare: ABC-CLIO, 2006. Print.Beck, Roger B., Black, Linda, Krieger Larry S., Naylor, Phillip C., and Shabaka, Dahlia Ibo. Modern World History: Patterns of Interaction.USA: Houghton Mifflin Company, 2005. Print.Video
This video describes Globalization and Finance and is a monologue of John Perkins. He describes modern globalization in a way that it also applies to historic globalization and its causes/consequences.
Citation: "Globalization and Finance." Dailymotion.com. Web. 13 May 2010.
Works Cited
Beck, Roger B., Black, Linda, Krieger Larry S., Naylor, Phillip C., and Shabaka, Dahlia Ibo. Modern World History: Patterns of Interaction. USA: Houghton Mifflin Company, 2005. Print.
Do More, Collins. Atlas of Global Development. Washington DC: HarperCollins Publishers, 2007. Print.
"Fall in LIBOR Bodes well for Global Economy." Business Opportunities- Expert Advice for the Digital Marketer. Wordpress, 20 October 2008. Web. 10 May 2010.
"Global Economy." Gale Encyclopedia of U.S. Economic History. Ed. Thomas Carson and Mary Bonk. Detroit: Gale Group, 1999. Student Resource Center - Gold. Gale. DUBLIN JEROME HIGH SCHOOL. Web. 5 May. 2010
“Global Economic Growth,” “Technology and Technical Change.” Globalization: Encyclopedia of Trade, Labor and Politics. Ed. Ashish K. Vaidya. Vol. 1. Santa Barbare: ABC-CLIO, 2006. Print.
"Globalization and Finance." Dailymotion.com. Web. 13 May 2010.
"Globalization cartoon 9 - search ID knin156" CSL News Cartoons.com. Web. 11 May 2010.
"Globalization in historical perspective." World Economic Outlook. May 1997: p112(5). Student Resource Center - Gold. Gale. DUBLIN JEROME HIGH SCHOOL. Web. 5 May. 2010
Madden, Chris. “Globalization cartoon 10 - search ID cman56.” CSL News Cartoons.com. Web. 11 May 2010.
Madden, Chris. "Globalization cartoon 5 - search ID cman57." CSL News Cartoons.com. Web. 11 May 2010.
Madden, Chris. "Globalization cartoon 10 - search ID cman56" CSL News Cartoons.com. Web. 11 May 2010.
Bilicki. "Globalization cartoon 6 - search ID jbin7." CSL News Cartoons.com. Web. 11 May 2010.
Malvasi, Mark G, and Meg Greene. "Global Economy (1990s)." American Decades 1990-1999. Ed. McConnell. Detroit: Gale Group, 2001. Student Resource Center - Gold. Gale. DUBLIN JEROME HIGH SCHOOL. 5 May. 2010
"Pros and Cons of Globalization." Buzzle.com. 2010. 12 May 2010.
Sakley. "Globalization cartoon 4 - search ID kscn1079". CSL News Cartoons.com. Web. 11 May 2010.
"Welcome to the Future" Yahoo Music. 13 May 2010.